Rice sector targets $10 billion exports by 2028
Published on: December 23, 2023.
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The rice industry in Pakistan has set its sights on a significant increase in exports, with a target of reaching $10 billion over the next five years. This ambitious goal is backed by a growing exportable surplus, thanks to a rise in per-acre paddy output. It is projected that exports will reach approximately 4.5 million tons, representing $2.5 billion in value, by 2023.
One of the key factors contributing to this surge in exports is the country’s production of 9 million tons of rice, the second-highest output in its history. This achievement can be attributed to favorable weather conditions, the resilience of farmers, and improved access to new markets.
Pakistan’s historical dominance in Basmati rice production, particularly with the cultivation of the premium C1121 variety, plays a crucial role in driving this growth. This sets Pakistan apart from neighboring India, where the 1509 Basmati cultivar is more prevalent.
The prevalence of C1121 in Pakistan offers exporters a unique opportunity to supply higher-quality Basmati rice at a lower cost compared to India. In fact, domestic prices in Pakistan remain 28% lower during the peak month of Basmati arrivals, which is November.
Shahzad Ali Malik, Chairman of the Pakistan Hitech Hybrid Seed Association and a member of the Export Advisory Council (non-textile), is optimistic about the future of rice exports. He predicts that exports will increase by $10 billion by 2028. In a recent council meeting, a five-year plan was discussed with a target of reaching $5 billion by 2025. Malik emphasizes the potential for expanded output in Punjab, highlighting the positive trajectory of the sector.
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